Forever suburbs: Areas where Melbourne homebuyers stay the longest revealed | PropTrack

3 weeks ago 5

VictoriaÃ¢â‚¬â„¢s Most Tightly Held Suburbs

New data from PropTrack has revealed that Ivanhoe East is one of Victoria’s most tightly held suburbs — pictured is local Simone McRostie and her dog Jasper. Picture: Jake Nowakowski

Ivanhoe East might just be Melbourne’s own Hotel California, once you move in you will never leave.

The leafy suburb in the city’s north east has been named as home to the city’s most-inescapable housing market, where the average homeowner stays put for 20 years.

Famed for its annual Boulevard Christmas Lights spectacular, locals reckon it’s the community vibe and family-friendly lifestyle that has residents happy there from their 30s through to their 80s.

Melbourne friends consider joint home purchases amid crisis

Also making the list from PropTrack was St Helena near Eltham, at 19.33 years, while the tiny Raymond Island where there are more koalas than people came third at 18.39 years.

PropTrack economist Eleanor Creagh said the suburbs at the top of the list were usually a dream mix of easy access to transport, quality schools, lifestyle features, local sporting clubs and local shopping villages.

“They are desired by a broad demographic, from young families to retirees, and they are typically located in middle and outer suburbs,” Ms Creagh said.

That popularity can also lead to big profits when owners sell their home years later.

2 Algona Court, St Helena - for herald sun real estate

2 Algona Court, St Helena is on the market now. The suburb came in second for the state’s longest-held suburbs with homeowners.

In Ivanhoe East today PropTrack figures show the typical house is worth $2.35m. In 2004 when many residents last bought a home it was just $670,000.

Miles Real Estate director Stewart Oldmeadow said it wasn’t uncommon for those in their 80s to have no plans to leave, but that it was also well known as a family hub.

“There’s a sense of community, and what we generally see is people downsizing after 20, 30 or 40 years,” Mr Oldmeadow said.

An alumni of Ivanhoe East Primary School, he’s a long-term local and added that the suburb’s famous Christmas lights display along the Boulevard had “come back with vigour” since the pandemic.

“There’s been a change of the guard on the Boulevard itself, but last year’s was the best in 10 years,” he said.

“It’s bedlam in a good way. Everyone is happy and people drive from all over Melbourrne to see it.”

Ivanhoe East local Simone McRostie has lived in the area for more than 10 years and said it was the best suburb to raise a family, including her six month old pup Jasper.

“It’s just a great community,” Ms McRostie said.

“We’re very happy, we couldn’t be happier.”

7 Gruyere Crescent, Ivanhoe East - for herald sun real estate

Inside 7 Gruyere Crescent, Ivanhoe East, which has four bedrooms and two bathrooms.

She added that her family loved hanging out at Chelsworth Park on Saturdays.

“We have a coffee van business called Ruex which we set up there,” she said.

“We love meeting the dogs in the neighbourhood and catching up with all the locals.

“Ivanhoe East is a great place to live, that’s for sure.”

And on Raymond Island, a five minute ferry trip from Paynesville, LJ Hooker real estate agent Lorraine Edlington said there were more koalas and kangaroos than people.

Census data shows there are just 480 residences and 589 people total.

The main attractions are peace, quiet, gorgeous views and the occasional dolphin sighting.

193 Western Boulevard, Raymond Island - for herald sun real estate

Raymond Island came in third on Victoria’s most-tightly held suburbs list — but 193 Western Boulevard recently sold this year.

“There are a lot of older people who buy there and never leave,” Ms Edlington said.

With no road access comes security, with most people on the island knowing each other, though it does take planning ahead as there’s no shops, restaurants or meal delivery services on the island.

The island has a $680,000 median house price, though the agent said beach shacks could be had for as little as $300,000 and there were also a number of $1m-plus homes around too.

For unit owners, Castlemaine north of Melbourne had the longest hold periods, with PropTrack recording that they typically only sold every 16.07 years. Carlton North was next at 16.04 years.